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      Archive: 2/6/2011
      11:45
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      News Brief

        2/6/2011, Adar 2, 5771

      IEC Chairman: Explosion Could Cause Electric Price Rise


      Israel Electric Company officials said Sunday that the explosion on Egypt's natural gas pipeline in Sinai on Saturday would have a direct effect on the pockets of Israelis – as electricity prices rise between 10% and 20%, because the company will have to buy gas on the open market, paying more money. Egypt has suspended gas shipments to Israel, Jordan and Syria for at least a week in the wake of the blast. If the delay takes longer, IEC chairman Moshe Bachar said, the company would have to find different, and more likely more expensive, sources.

      Bachar, in an interview with Army Radio, said Sunday that by 2013 Israel would no longer need to import natural gas, as local off-shore fields are being developed. Currently, Egyptian gas supplies 43% of Israel's electricity usage.